Case Study: an accounting firm defends against an $850 million lawsuit with BDO testimony

Accounting Firm defeats an $850 million lawsuit with BDO

The customer, an accounting firm, faced an $850 million lawsuit from a state regulator alleging negligence in its audit of a property and casualty insurance company that collapsed. The firm engaged BDO to serve as an expert witness to help defend against these claims.

BDO provided testimony at deposition and trial, demonstrating that the accounting firm's audit work complied with generally accepted auditing standards (GAAS). After a five-week trial, the jury found in favor of the accounting firm, successfully defending it against the lawsuit and potential damages. The BDO team was instrumental in achieving this outcome.